Luck, Value Investing And Charlie Munger; Charlie Munger was 31 years old, divorced, broke, and burying his 9 year old son. Most people have no idea where he was when he was 31 and Munger is now one of the richest men in the world

Luck, Value Investing And Charlie Munger

by valueplaysJanuary 17, 2014

This has been making the rounds so I thought I’d comment on it. Aside from making Dorsey look like an ass (of course he may have just said that to be provocative), it makes some very good points but I think leaves some other out that are just as important. Here is the opening of Mark’s latest memo (full text linked below).

The Role of Luck

The first inspiration for this memo came in early November, when I picked up a copy of the Four Seasons Magazine in my hotel room in Riyadh, Saudi Arabia. I happened to turn to an article entitled “In Defence of Luck” by Ed Smith. It’s been in my Oaktree bag ever since. In his two opening paragraphs, Smith presents a thesis for dismantling:

“Success is never accidental,” Twitter founder Jack Dorsey recently tweeted. No accidents, just planning; no luck, only strategy; no randomness, just perfect logic.

It is a tempting executive summary for a seductive speech or article. If there are no accidents, then winners are seen in an even better light. Denying the existence of luck appeals to a fundamental human urge: to understand, and ultimately control, everything in our path. Hence the popularity of the statement “You make your own luck.”

That’s all it took to get my juices flowing. I – along with Smith – believe a great many things contribute to success. Some are our own doing, while many others are beyond our control. There’s no doubt that hard work, planning and persistence are essential for repeated success. These are among the contributors that Twitter’s Dorsey is talking about. But even the hardest workers and best decision makers among us will fail to succeed consistently without luck.

What are the components of luck? They range from accidents of birth and genetics, to chance meetings and fortuitous choices, and even to perhaps-random but certainly unforeseeable events that cause decisions to turn out right.

In discussing the existence and importance of luck, Smith cites the popular book Outliers by Malcolm Gladwell:

Attacking luck has never been more fashionable. No matter how flimsy the science behind the theory, popularized by author Malcolm Gladwell, that success must follow from 10,000 hours of dedicated practice, it has hardened into folklore.

Outliers is best known for Gladwell’s observation that it’s this magic number of hours of practice that makes the difference for those who are most successful. But that’s only part of Gladwell’s message, and people who think his book is all about hard work and practice miss the point. Having set out the “10,000- hours” thesis, Gladwell largely stops talking about it and turns to spend much more time on something he calls “demographic luck.” This is actually the antithesis of an insistence that hours of effort suffice.

Getting Lucky (pdf)

I had a High School football coach, Frank Ruggiero who had this on the wall of our locker room “Luck is when preparation and determination meet opportunity”.

I believe that wholeheartedly. Step back and look at most really successful people. By successful I don’t mean heirs of the Walton’s, Warren Buffett, Bill Gates or any other heir. I mean the folks who started it all. Look at them and look at their lives. A stunning number of them overcame difficulties before they were successful.   Yes, 1955 and 1956 were seemingly prime years to be born in to be at the epicenter of the computer revolution. Yet, there were millions of births that year and only a handful made the big splash. Yes, to have Ben Graham as your teacher at Columbia in the 1950?s was to learn from the master of value investing yet Graham taught hundreds (thousands?) of students, yet there is only one Warren Buffett who basically went door to door in Omaha seeking funds for his partnership.

I am by no means saying “luck” for lack of a better word plays no role (being born in the US vs Somalia for example). What I am saying is that determination plays a far greater one. There are countless people who had the same “opportunities” as Gates, Buffett, Jobs etc did but never ascended the heights the way they did. Why? Lack of skill? Lack of determination? They quit at the first setback? Anyone who know the stories of Gates and Jobs know there were countless setbacks for them yet they never quit. Luck? No.

We can even take this same line of thinking and make it relative. Let’s talk about those “unlucky” and born into poverty. There is no doubt they have started behind the curve vs those born even to the middle class. Yet, every year millions of them get themselves out of poverty and break the cycle. Why? Were they “lucky” to get a job, find a mentor, actually complete high school, go to college, refuse to join a gang or start doing drugs?  I would say virtually all have had the opportunity and some made the right choices and others, did not. I think we denigrate the success of those who made the right choices by calling them “lucky”.

Take a look at Buffett’s right hand man Munger. Most people have no idea where he was when he was 31 and now one of the richest men in the world.

In 1949, Charlie Munger was 25 years old. He was hired at the law firm of Wright & Garrett for $3,300 per year, or $29,851 in inflation-adjusted dollars as of 2010. He had $1,500 in savings, equal to $13,570 now.

A few years later, in 1953, Charlie was 29 years old when he and his wife divorced.  He had been married since he was 21.  Charlie lost everything in the divorce, his wife keeping the family home in South Pasadena.  Munger moved into “dreadful” conditions at the University Club and drove a terrible yellow Pontiac, which his children said had a horrible paint job.  According to the biography written by Janet Lowe, Molly Munger asked her father, “Daddy, this car is just awful, a mess.  Why do you drive it?”  The broke Munger replied: “To discourage gold diggers.”

Shortly after the divorce, Charlie learned that his son, Teddy, had leukemia.  In those days, there was no health insurance, you just paid everything out of pocket and the death rate was near 100% since there was nothing doctors could do.  Rick Guerin, Charlie’s friend, said Munger would go into the hospital, hold his young son, and then walk the streets of Pasadena crying.

One year after the diagnosis, in 1955, Teddy Munger died.  Charlie was 31 years old, divorced, broke, and burying his 9 year old son.  Later in life, he faced a horrific operation that left him blind in one eye with pain so terrible that he eventually had his eye removed.

Any one of those events would have been many peoples excuse for giving up and for their life not turning out how they wanted it to.  Not Munger. Some will try to negate that by saying “well, knowing Buffett helped”. I would note here that by the time Munger met Buffett he was well on his way to his millions (billions) and had he just quit on his dreams he would have never partnered with Buffett later in life.

I think it is the connotation the word “luck” has that I dislike. It implies one is successful through no effort of their own. Sure, if my last name was Walton (WMT) then, yes, being born as Sam’s grandson would in fact be “luck”. Hitting Powerball for 300M is in fact luck. Walking onto a plane that is destined to crash, is in fact “bad luck”. Does anyone wonder why successful teams always seem to have the ball bounce their way while lousy teams never do? It is statistically impossible for it to be purely chance. No, good teams makes good decisions that stop the ball from bouncing in the first place and when it does happen to bounce, they are prepared for it and react without hesitation increasing their odds of success.

But working hard your whole life and ending up a success isn’t “luck”. Anyone who is approaching 50 understands there are more than a few times in those years you could have quit, given up on a dream and settled for far less. But, you didn’t. You kept on, worked harder and one day an opportunity came to your door, and because you continued to work hard and because you never gave up, your were ready to take advantage of it.  How many times could Steve Jobs have just walked away from it all? He had set back after very public set back (was fired from the company he founded) yet never gave up. Luck?

I think if we all look back on our lives we will find times that we were stuck in a rut and things were not going as we’d like them to have been going. I also feel if we are honest, we can also say of those time “I wish I’d done this” or lament a squandered opportunity.  We can probably also find those times we blamed “bad luck” for our lack of success wasn’t really bad luck, but a missed opportunity.

I college I worked briefly for an large insurance company selling life insurance one summer. On Sat mornings we would go into the office from 9-12 and do cold call blitzes. We would get a book of names and just cold call them.  You can imagine a bunch of 21 yr olds really wanting to do this on a Sat morning. Well one Friday night a bunch of us were out having drinks. As it got late a few of us decided to go home and a few stayed out to finish the evening. The next morning the few who stayed out stumbled into the office around 11 while those who went home early were hitting the calls sheets at 9. One co-worker (we’ll call him Tom) ran out of names so he grabbed Larry’s (also fictional) call list while Larry slept off his hangover in his cubicle. Larry was happy to give up the list so he could tell the boss the names were contacted.

Wouldn’t you know one of those names ended up being a business owner who just had a friend in a partnership (different business) whose partner died. They had no insurance to cover such an event and because of that things were a mess for his friend. Also being in a partnership, this person was determined not to see the same thing happen to him. He requested an appointment (was impressed a young kid was working Sat am) that day and Tom made not only that sale but a series of other sales to other acquaintances of this person over the next couple weeks.   Those sales made Tom’s quarter (and probably year frankly).

During his performance review Larry, who was being called to the carpet for low sales numbers vs Tom lamented, “he just got lucky with that one call!!”. Did he? Was it really luck? Didn’t Larry have to same opportunity as Tom and in fact he had a better one because it was his call list the name came from. Had he come to work that day prepared to work vs vomiting in a waster paper basket in the men’s room he would have made that sale.  This man wanted insurance, it was a sale for someone, no special skills needed.

Larry was soon out of that job while heard Tom was the highest performing agent in that office. Was it luck or was the work ethic exhibited that Saturday indicative of how Tom worked and thus his success was inevitable?

Now, in no way do I feel the way Dorsey does in that there is no luck and that there are “No accidents, just planning; no luck, only strategy; no randomness, just perfect logic” . Plenty of people do all the right things and are on their way only to be killed in an accident through no fault of their own or sticken by disease. That is shitty luck. But I also wish successful people would stop apologizing for their success as if it could just as easily be any random person where they are. That simply isn’t the case.

I think we’ve gotten to the point now that people are implying “there is no success, just a series of fortunate events in which someone, anyone, could have done what you did given the exact same circumstances”.  The problem with that is we can never have the exact same circumstances. We can have the same opportunity (as Larry and Tom did) but how one reacts to it determines its outcome.  Different reaction, different outcome.

Some may claim some get more of those coveted opportunities than others.  This is true but it is also true that once you get in the habit of letting opportunity pass you by, it comes by far less often, in fact, you get to the point where you no longer even recognize it.  Yet, the converse is also true. Once you start grabbing opportunity, it seems to come at you from everywhere and in fact you begin to see it where most others don’t.  Look back at your own life and be honest, this is true. In your darkest moments, whatever that might have been, you let countless chances go by. Once you decided enough was enough and got your act together, opportunity was everywhere.  Opportunity is often there, you just have to be looking for it.

Never confuse success with luck. Millions of us get the same opportunities and yet far too many are unsuccessful (however you define that). That success can be relative, the first in your family to break the cycle of poverty, finish high school, go to college, graduate etc . It doesn’t have to be measured in millions. It can be measured in simple accomplishments. Luck isn’t the difference, it is determination and perseverance that is.

Everyone gets opportunities in life of varying degrees…….those who are successful take advantage of them…stop apologizing for and denigrating that success….you earned it.

Beijing Citizens, Shrouded In Pollution, Flock To Giant Screens To View Artificial Sunrise

Beijing Citizens, Shrouded In Pollution, Flock To Giant Screens To View Artificial Sunrise

Tyler Durden on 01/17/2014 10:15 -0500

You know it’s bad when…The smog has become so thick in Beijing that the city’s natural light-starved masses have begun flocking to huge digital commercial television screens across the city to observe virtual sunrises. Following this week’s practical shutdown of the city of “beyond index” levels of pollution, as The Mail Online reports, residents donned air masks and left their homes to watch the only place where the sun would hail over the horizon that morning… It’s grim… The futuristic screens installed in the Chinese capital usually advertize tourist destinations, but as the season’s first wave of extremely dangerous smog hit, ths happened…

120140117_beijing1_0 Read more of this post

Even the largest of companies often started small; interview with Public Bank Bhd’s founder and chairman Tan Sri Teh Hong Piow on his journey from opening his first branch in Malaysia to being a regional banking powerhouse

Updated: Saturday January 18, 2014 MYT 9:01:05 AM

Even the largest of companies often started small



Teh: No one has a crystal ball that can tell you whether you will succeed or not

GREAT companies always draw the interest of potential investors, suppliers, shareholders and yes, their customers! It should be noted that great businesses were small and medium-sized enterprises (SME) or startups once upon a time. It is the persistence, innovation and entrepreneurship that drives a company towards success through various business cycles. Read more of this post

The Wisdom of Insecurity: A Message for an Age of Anxiety

The Wisdom of Insecurity: A Message for an Age of Anxiety (Vintage) Paperback

by Alan W. Watts  (Author)

“Anyone whose life needs a course correction would be fortunate to be guided by The Wisdom of Insecurity. My life still is, some thirty years later.” —Deepak Chopra, from the Introduction
Alan W. Watts’s “message for an age of anxiety” is as powerful today as it was when this modern classic was first published.
We spend too much time trying to anticipate and plan for the future; too much time lamenting the past. We often miss the pleasures of the moment in our anxious efforts to ensure the next moment is as enjoyable. Drawing from Eastern philosophy and religion, Watts argues that it is only by acknowledging what we do not and cannot know, that we can find something truly worth knowing. In order to lead a fulfilling life, one must embrace the present—live fully in the now.
Elegantly reasoned and lucidly written, this philosophical achievement contains all the wisdom and spirit that distinguished Watts’s long career and resonates with us still. Read more of this post

An Antidote to the Age of Anxiety: Alan Watts on Happiness and How to Live with Presence

An Antidote to the Age of Anxiety: Alan Watts on Happiness and How to Live with Presence

by Maria Popova

Wisdom on overcoming the greatest human frustration from the pioneer of Eastern philosophy in the West.

“How we spend our days is, of course, how we spend our lives,” Annie Dillard wrote in her timeless reflection on presence over productivity — a timely antidote to the central anxiety of our productivity-obsessed age. Indeed, my own New Year’s resolution has been to stop measuring my days by degree of productivity and start experiencing them by degree of presence. But what, exactly, makes that possible? Read more of this post

Parables from the financial world give insight into a culture that compels young people to take risks in pursuit of wealth and prestige

Having Enough, but Hungry for More

JAN. 17, 2014


John Bogle, 83, founder of the mutual fund company Vanguard, said his sense of enough came from not wanting very many things in life. “I am not saying in any way that I’ve taken vows of poverty,” he says. “I just don’t need any more.” Jessica Kourkounis for The New York Times

Wealth Matters


THREE recent stories got me thinking about a concept that is central to money, wealth and ultimately contentment but that is overlooked this time of year: knowing how much is enough. Read more of this post

Stop Trusting Yourself: Why we struggle to keep the promises we make, even to ourselves

Stop Trusting Yourself

JAN. 17, 2014


TRUST is a double-edged sword. Though you can accomplish more in life if you put your faith in others, doing so also leaves you vulnerable. If your friend, business partner or political ally betrays you, he benefits — in terms of money, power or some other resource — at your expense. This risk is the drawback of trust, and it leads many people to prefer self-reliance, an arrangement that seems more secure because the only person you have to count on is yourself. Read more of this post

5 Principles Successful People Follow: Follow your talents; Focus your quest; Limit your options; Work toward meaningful goals; Never give up

5 Principles Successful People Follow

JAN. 17, 2014, 4:43 PM 2,768

Depending on who you ask, success means different things. If you were to ask me, I’d say it means having a career that revolves around my real life. If you were to ask my cat, she’d say it involves finding a way to catch, immobilize and destroy her own tail. The first step in achieving success is often deciding what it means to you. Follow your talents.Chances are your answer is similar to mine. But whatever your version of success, people who want to be successful should mimic the behaviors of the great ones who came before them. These behaviors include: Read more of this post

New Warnings From an Investing Pioneer: Nowhere to run, nowhere to hide–and no one to get unbiased advice from

Jan 17, 2014

New Warnings From an Investing Pioneer



Dean LeBaron, pictured at his home in Nokomis, Fla., says, ‘Look for the questions that are not being asked.’

Nowhere to run, nowhere to hide — and no one to get unbiased advice from. Judging by my inbox, that is how a lot of investors feel. U.S. and most international stocks, bonds and real estate are all at least moderately overpriced by historical standards; cash offers a negative return after inflation; and most market pundits have a vested interest in their advice. Read more of this post

Upstart Managers School Sage of Omaha; Gains for Two Younger Money Managers at Berkshire Hathaway Outpace Buffett, S&P 500

Upstart Managers School Sage of Omaha

Gains for Two Younger Money Managers at Berkshire Hathaway Outpace Buffett, S&P 500


Jan. 17, 2014 4:38 p.m. ET

The pupils are beating the master at Warren Buffett -led Berkshire Hathaway Inc.BRKB -0.15%

Two investment managers, hired by the 83-year-old billionaire in recent years as part of his succession plan, each posted returns last year that outdid both Mr. Buffett’s performance as Berkshire’s top stock picker and the Standard & Poor’s 500-stock index, according to people familiar with the matter. Read more of this post

Pretty Smart? Why We Equate Beauty With Truth

Pretty Smart? Why We Equate Beauty With Truth

Jan. 17, 2014 7:43 p.m. ET

With some regularity we hear about the latest beauty-pageant contestant who has responded to a softball of a question with an epic fail of a mistake, a bizarre opinion or an incoherent ramble. There’s the Panamanian contestant who believed that Confucius invented the philosophy of “Confusion,” the Miss Hawaii who described the U.S. only in terms of the “rocky shores” and “sandy beaches” of Hawaii, and the Miss South Carolina Teen USA who explained that Americans don’t know enough geography because too many people can’t afford maps. Read more of this post

Three Myths on the World’s Poor; Bill and Melinda Gates call foreign aid a phenomenal investment that’s transforming the world

Three Myths on the World’s Poor

Bill and Melinda Gates call foreign aid a phenomenal investment that’s transforming the world.


Jan. 17, 2014 7:50 p.m. ET

By almost any measure, the worldjs is better off now than it has ever been before. Extreme poverty has been cut in half over the past 25 years, child mortality is plunging, and many countries that had long relied on foreign aid are now self-sufficient. Read more of this post

THE BIG HAUL: This Teenage YouTube Shopping Star Makes Half-A-Million A Year And Has More Fans Than Vogue

THE BIG HAUL: This Teenage YouTube Shopping Star Makes Half-A-Million A Year And Has More Fans Than Vogue

ALEX HALPERIN JAN. 18, 2014, 8:49 AM 9,027 12

bethany mota haul video cover_02_no hearts on face pg01-17271238_aero2

Any discussion of Bethany Mota, 18, social media goddess and ascendant fashion icon, needs to begin with her metrics. Mota’s most popular YouTube channel has more than 4.8 million subscribers, more than Lady Gaga’s. As of this writing, upwards of 2.2 million souls follow her on Instagram, more than VogueElleMarie ClaireGlamour and Cosmopolitan combined. Her twitter following is a mere 1.15 million, not great but nothing to sneeze at. Read more of this post

Fired From Subway, This 20-Year-Old Started A Company And Makes A Living Off Facebook Traffic

Fired From Subway, This 20-Year-Old Started A Company And Makes A Living Off Facebook Traffic


JAN. 18, 2014, 8:30 AM 2,320


Most of us think of Facebook as a place to catch up on baby photos, keep tabs on your ex, and maybe read some quirky news about 2013’s most important corgis. But, for a small but growing class of small business owners, Facebook is a place to find customers, sell them stuff, and make a decent living.

Read more of this post

Why So Many Tech Founders Who Are Jerks Become Insanely Rich And Successful

Why So Many Tech Founders Who Are Jerks Become Insanely Rich And Successful


JAN. 18, 2014, 8:45 AM 2,661 1

“Startup DNA” is the idea that the world’s best entrepreneurs, like Steve Jobs and Jeff Bezos, have some inherent talent they were born with that made them successful.

The DNA is comprised of characteristics like “resilience” and “ability to accept risk.” Read more of this post

Doing math on the fly, birds form V for efficiency

Doing math on the fly, birds form V for efficiency

ON JANUARY 18, 2014


Across the globe, hundreds of species of birds can be seen flying in V-formations. We have long suspected that these formation might help birds fly with less effort. Yet the precise mechanics have remained unknown – until now. Read more of this post

For the Love of Money; We are letting money addiction drive too much of our society

For the Love of Money


JAN. 18, 2014

IN my last year on Wall Street my bonus was $3.6 million — and I was angry because it wasn’t big enough. I was 30 years old, had no children to raise, no debts to pay, no philanthropic goal in mind. I wanted more money for exactly the same reason an alcoholic needs another drink: I was addicted. Read more of this post

The Right Way to Answer “What’s Your Greatest Weakness?”

The Right Way to Answer “What’s Your Greatest Weakness?”

by David Reese  |   11:00 AM January 17, 2014

Thomas Jefferson once said that “honesty is the first chapter in the book of wisdom”. Though truth-telling abounds in grade school platitudes, it seems scarcer the older we get. But this decline in honesty — let’s call it dishonesty — isn’t necessarily innate. Dishonesty can be taught. In my experience, I’ve noticed that, of all culprits, college career centers are exceptional traffickers of such miseducation. In the process, they’re hurting their brightest students’ chances of making it in the world of startups by convincing them to give dishonest answers to tough interview questions. Read more of this post

How to Suppress the Apology Reflex; Confidence, at least in the American workplace, means never having to say you’re sorry

How to Suppress the Apology Reflex

JAN. 18, 2014


Confidence, at least in the American workplace, means never having to say you’re sorry.

I know that now, but early in my career I found myself apologizing over and over as my confidence and self-worth were tested on every level — from my job function to performance reviews, from networking to winning clients. Read more of this post

Workers of the World, Faint! In history, magical events have been reported when indigenous peoples confront industrial capitalism

Workers of the World, Faint!


PHNOM PENH, Cambodia — Just over two years ago, at the Anful Garments Factory in Kompong Speu Province, a young worker named Chanthul and 250 of her colleagues collapsed in a collective spell of fainting. They had to be hospitalized; the production line shut down. Read more of this post

K-pop talent show finalist slams Singapore’s education system

K-pop talent show finalist slams Singapore’s education system

Friday, Jan 17, 2014

SINGAPORE – K-Pop Star Hunt 3 finalist Stephanie Koh is not proud to be a Singaporean, and in her latest online video, she explained why. Koh represented Singapore and was placed among the top four in the singing competition but lost out to eventual champion, Taiwanese Andy Su, 15, in the finals last Sunday. Read more of this post

Up Close and Personal with Bernard Peillon, president of Hennessy Cognac

pdated: Saturday January 18, 2014 MYT 11:23:40 AM

Up Close and Personal with Bernard Peillon, president of Hennessy Cognac



BERNARD Peillon is an heir of sorts after “inheriting” a famous brand of French wine. While he may not bear the luminous family name of the Hennessy lineage, Peillon has being given an important task, through his role as the president of Hennessy Cognac. Taking the helm of the cognac house is not like joining a company, rather it is like becoming part of a family business, he says. “There is this sense of inheritance, of transmission, that you’re becoming part of the long history of Hennessy.” Read more of this post

Secretaries as governance champions?

Updated: Saturday January 18, 2014 MYT 7:20:02 AM

Secretaries as governance champions?


We need to know more about their role as gatekeepers.

IT’S great that the Malaysian Code for Institutional Investors is now at the public consultation stage. On Wednesday, the Securities Commission (SC) and the Minority Shareholder Watchdog Group (MSWG) issued a joint consultation paper to seek feedback on the code. Read more of this post

The Meaningful Brand: How Strong Brands Make More Money

The Meaningful Brand: How Strong Brands Make More Money Hardcover

by Nigel Hollis  (Author)


Why do consumers pay a premium price for a brand? Is it better quality, the look and feel, or is it the brand’s social standing? Author Nigel Hollis believes the answer to all those questions is “yes.” Yet the vast majority of brands today trade on past equity and transient buzz. And marketers focus on plan execution rather than creating meaningful differentiation rooted in the brand experience. This lack of meaning is creating a market full of commodities rather than products that instill loyalty. But loyalty (i.e., repeat business) is the key to long term success, and that requires focusing on meaningful differentiation: functional, emotional, or societal. Here, brand expert Nigel Hollis focuses on the four components of a meaningfully different brand: purpose, delivery, resonance, and difference.This unique model will be applied to two very different brand models: premium priced and value priced. The models will show readers how to amplify what their brand stands for across all the brand touch points including: findability, affordability, credibility, vitality, and extendibility. The book will include cases of global brands such as Dyson, Johnnie Walker, Geico, Volkswagen, and more. Read more of this post

Breaking inner shackles

Updated: Wednesday January 8, 2014 MYT 12:26:55 PM

Breaking inner shackles

Breaking bonds: Learning while holding on to old dogmas and preconceived notions is the intellectual equivalent of being shackled.


Two students were having a conversation.

“How is the evil of the world explained by your master?” asked the first student. “He does not explain evil, he is busy transforming evil”, replied the second student. Then, the first student said, “When my master speaks he inspires people, but does not touch my heart. Why is it so?” The second answered, “Your master speaks to impress you. But my master speaks to express his heart and not to impress”. Be aware of what you do. Are you working to impress your boss or to express your gratitude to your company by enhancing its revenue? The firefighting squad in England became known for many heroic acts. Once, the firefighting squad was called to save a cat precariously perched on the roof of a building. Read more of this post

Creating the meaningful brand

Updated: Saturday January 18, 2014 MYT 7:38:48 AM

Creating the meaningful brand


Hollis and Millward Brown Malaysia country manager Nitesh Lall with Hollis’ latest book. 

MARKETERS today face so much time pressure and so many tasks daily that they may forget what makes their brand valuable assets, says a marketing expert. Nigel Hollis, chief global analyst of market research firm Millward Brown, says marketers worldwide are facing “a very different and very difficult environment today, much more fragmented and cluttered.” Read more of this post

G Shock’s Kikuo Ibe: Unbreakable teamwork in creating the shock of the new

Kikuo Ibe: Unbreakable teamwork in creating the shock of the new

Aulia R. Sungkar, The Jakarta Post | Business | Sat, January 18 2014, 12:46 PM

Kikuo Ibe became a pioneer in the world of watches because of a dream, his team and a refusal to crack under pressure.
The Japanese had loved the durable watch his father gave him as a high school graduation present, which lasted for 12 years through thick and thin. But most watches were expensive and less robust at the time, and the young Ibe was fixated on his dream of inventing a rugged and shock-resistant timepiece.
He joined Japanese electronics giant Casio as a member of its Design Center. He held onto his dream of creating his desired watch. After several years at the firm, and less than 30 years of age, Ibe presented the simple one-line concept – “a tough watch that won’t break when you drop it”.  Read more of this post

The legacy of Henry Clay Frick, the tycoon once called the “most hated man in America,” has been rehabilitated by the invaluable art library created by his daughter.


The Precious Frick Library


The legacy of Henry Clay Frick, the tycoon once called the “most hated man in America,” has been rehabilitated by the invaluable art library created by his daughter.

On Jan. 19, Johannes Vermeer’s Girl with a Pearl Earring will come down off the wall at the Frick Collection in New York. As the masses finally drift from the long rooms and the Frick’s permanent cache of masterpieces, it’s an ideal moment for budding collectors to familiarize themselves with one of the museum’s hidden jewels: The Frick Art Reference Library. Read more of this post

Do You Know What Makes Your Company Distinctive?

Do You Know What Makes Your Company Distinctive?

by Stephen Shapiro  |   12:00 PM January 17, 2014

Every company has a limited amount of time, money, and resources that it can invest in innovation. That’s why they should focus their energies on opportunities that will set them apart from their competition — that is, they should innovate where they differentiate. Read more of this post

Dangerous combination of drugs and loneliness fuels young bankers

January 17, 2014 8:23 pm

Dangerous combination of drugs and loneliness fuels young bankers

By Emma Jacobs, Maija Palmer and Daniel Schäfer

All-nighters and weekend work have for decades been seen as a rite of passage for young City bankers. But the death of a Bank of America Merrill Lynch intern last summer, which according to a coroner may have been triggered by long working hours, has acted as a catalyst for a reassessment of this mentality. Read more of this post

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